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Late Payments

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Perhaps you’re having problems with cash flow right now, or perhaps you simply forgot to pay. No matter what the reason, late payments always raise a red flag. Just because your credit card issuer hasn’t called demanding payment doesn’t mean they’re not taking action.

What happens when you make late payments?

1. You get charged a “late payment fee.”

Expect your next bill to include a fee for your missed payment. These fees can add up to thousands of pesos depending on the amount you owe, so be very careful.

2. They may raise your interest rate.

The credit card issuing bank doesn’t just stop at penalizing you with additional charges. They may also increase your interest rate to what they call the “default rate,” which is legally the highest interest rate that a creditor can charge. This  makes it even harder for you to carry a balance. However, if you are disciplined and make payments on time in the next six months or so, you may be given back your pre-penalty rate.

3. Your credit score may drop.

If you fail to make payments for more than 30 days, the bank may send your details to the credit bureau. Remember that your payment history constitutes about 35% of your total credit score, so making late payments significantly affects your standing and your ability to secure new credit cards or credit lines in the future.

As a general rule, short-term failure to make payments (less than 60 days) won’t be too catastrophic for your credit score. However, if you still don’t pay for three months (90 days), you can expect your credit score to plummet.

How to avoid late payments

The best thing to do to prevent your credit score from being affected by missed payment is to make payments on time, of course. If you tend to forget paying, try to arrange an automatic payment system online. This is easy if your credit card issuing bank and your savings / payroll bank is one and the same. You can also remind yourself to pay simply by putting a repeating alarm on your mobile phone several days before the monthly deadline.



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Featured Articles:

Featured Article 4

Ever thought of getting a credit card but don’t know where to start? For majority of cardholders we know, credit cards are terrific tools that certainly have very great advantages.

We at comprecreditcards.com.ph have surveyed many customers and here is what came out…

Its very handy payment. That’s the big thing, right? You don’t have to worry about being robbed or something because you don’t have that big cash with you. Even if you’re just making small purchases, it’s a big help. Plus, the fact that we are in the on-line shopping age, it’s a total must have.

On the spot loans. When you’re short of cash, a credit card will be there to save you from the embarrassment of not being able to pay as it will help you make up for your purchase. To avoid any fees, just pay your balance in full.

You have no idea as to where you’re spending your money? People have the tendency to say they don’t know where half of their money went. With a credit card, you can easily track your purchases on your monthly payments. So if you think your wife spent too much for the month, check on your bill, who knows, it might even be you…

It’s easier to pay off. It’s easy to pay credit card bills. All you have to do is find an ATM with your checking or an easy account transfer. Good news is you don’t have to wait a month to pay it off. And guess what, some even lets cardholders pay their bills ONLINE. So say goodbye long lines; Hello to convenience!


You get rewards.

Every time you make transactions you earn point or “rewards” that you can exchange for either gift checks, vouchers, exclusive items or maybe the cash back system. We’re not saying that you use your credit card non-stop to avail of these, but as a matter of fact, it is a nice bonus.

Very exclusive deals. How would you spell exclusive? Its “c-r-e-d-i-t-c-a-r-d”. Why? Because you get a lot of high class services that are only available for those people who hold the cards. Sometimes its discounts on products, dining and traveling first class. Remember the times when you really wanted to buy something and you were able to buy it because of the discount my credit card was able to give me.

We can go on and on with these, but nothing is really important than learning it by experience. Everything has its ups and downs. It’s up to you, as the card holder, to become responsible in how you manage your money. Look into the bigger picture of how credit cards make life easier and who knows you might just even love it. Just be responsible and a word of advice, pay your dues on time, all the time…